ETH/USD outlook: the price is in an upward trajectory with clear signs of impulsiveness
|From yesterday’s low at $169 the price of Ethereum has increased by 5.36% as its currently being traded at around $178.11. The price is in an upward trajectory and has shown clear signs of impulsiveness.
On the hourly chart, we can see that the price went above the prior high level as it started increasing today from $171 area on FXOpen UK. Previously we have seen a movement to the downside which ended around the vicinity of the 0.5 Fibonacci level out of the last impulsive increase.
As a three-wave structure developed it was most likely the second wave out of the higher degree five-wave impulse wave that started after the correction of a Minute count ended. If this is true we are now seeing the development of the 3rd wave which is set to push the price of Ethereum to the horizontal resistance level around $187.7 or potentially even slightly higher to the 1.272 Fibonacci level.
This would be the final, wave 5 out of the Minor five-wave impulse of an even higher degree and is most likely to end around the vicinity of the upper interrupted ascending trendline which is the presumed resistance from the still unconfirmed ascending channel seen on the higher time-frame.
This means that when the increase ends I would be expecting the start of the higher degree downside move, but more on that in due time. For now, it is important that the price doesn’t fall below the 0.382 Fibonacci level as that would invalidate the count.
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